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Modon Holding Group, which is listed on the Abu Dhabi Financial Market, has announced the closure of the largest financing transaction in its history of AED 13.7 billion (US$ 3.7 billion) through unsecured joint financing facilities, which are priority in repayment.
The transaction includes a loan of AED 4.7 billion for 5 years, and a revolving credit facility of AED 9 billion for a period of 3 years, which can be extended to 5 years, with the option to increase the total value of the facilities by an additional AED 4 billion, according to a statement issued by the company.
The deal includes a AED 4.7 billion loan for 5 years and a revolving credit facility of AED 9 billion for 3 years
It is noteworthy that the financing facilities combine traditional and Sharia-compliant segments, denominated in the UAE dirham and the US dollar, allowing participating banks flexibility in choosing the type of financing and the appropriate currency, and the proceeds of the deal will be allocated to pay the existing financing facilities, and support the completion of the company’s development project portfolio, which will more than double the average maturity of its debt, and enhance its levels of liquidity and financial flexibility.
The deal attracted a strong demand that exceeded the size of the offering by more than 1.5 times, with the participation of 10 local, regional and international financial institutions, including: Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Emirates Islamic Bank, Emirates NBD, First Abu Dhabi Bank, Mashreq, HSBC Bank Middle East, Citi, JPMorgan, National Bank of Kuwait, and Standard Chartered. Rothschild & Co. has been the exclusive financial advisor to MODON Holding in the transaction.
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